News & views

Leicester BID a success for city’s businesses

7 November 2017

It’s been a long time coming but Leicester city centre has finally secured a Business Improvement District (BID).

Last Friday, the result was announced. 85% of businesses voted were in favour of the BID. They represented 89% of the rateable value. The threshold any BID must pass to be approved is 50% on both turnout and on rateable value. On both counts the BID vote has gone well beyond, providing a clear mandate for this new initiative. The turnout for the ballot was 40%.

Leicester has been behind the curve on this initiative. There are 270 BIDs in the UK but this will be the first one in Leicester. Now is the time to develop a BID programme that goes beyond a ‘business as usual approach’.

The extra £4.2 million over the 5-year term (and maybe more) generated by the BID will help. However, money alone will not make the difference we all want to see secured. What is crucial is for there to be a level of partnership, across all sectors, that ensures the sum of the parts is greater.

The city centre of Leicester is already a great showcase of the City and County. It can do more. Leicestershire Business Voice wants to play its part in helping to ‘join the dots’. Business success springs from more than just economic success. It’s about cultural identity and sense of place. The BID going forward will provide an impetus, if we recognise the part we all play and can gain through greater collaboration. Here’s to a successful future!